Even though U.S. President Donald Trump pulled out of the Agreement last week, Hawaii's Governor David Ige went ahead and signed the bill anyway. With reduced government participation in encouraging environmental responsibility, investors will play a bigger role in pushing for more sustainable practices, Amy Crandall Kaser, a portfolio manager at Walden Asset Management, tells InvestmentNews.
The Paris Agreement, signed by 195 nations in December 2015, set the global goal to keep the planet from warming by more than 1.5 degrees Celsius above pre-industrial levels, a threshold that scientists say could keep the planet from launching into irreversible consequences like unpredictable super storms and crippling heat waves.
The Result: The United States will no longer observe emissions reductions pledges, and the Paris Accord's emissions reductions targets will likely not be used by the federal government to determine greenhouse gas policies. "So, by the time he actually withdraws, it will be time for new elections...so the impact of this decision remains to be seen because you can't just walk away from this agreement-it takes years for you to do that". Though the details and deadline of this proposal are limited, thousands of American mayors and state Governors have insisted that they would be following the Paris Accord at a state and city-wide level. J. Kalani English said in the statement.
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According to the World Wildlife Fund South Africa, the Paris Agreement, which was approved in December 2015, commits almost 200 countries to pursue all efforts to limit the global temperature increasing by only 1.5°C, to stave off some of the worst impacts of a warming planet. She contended, "This is certainly a very misguided, risky decision which may be self-serving for Donald Trump and his supporters in the fossil fuel industry".
On June 1, President Donald Trump announced the USA would withdraw from the Paris Agreement and commence negotiations to re-enter or renegotiate a new accord. Twenty-nine states have renewable portfolio standards, and in 2013 alone, they reduced greenhouse gas emissions by 59 million metric tons of carbon dioxide-equivalent, according to the National Renewable Energy Laboratory.
The New York Times reports that Hawaii has joined the U.S. Climate Alliance, which is now 10 states strong and includes California, Washington and New York. "The world can not wait - and neither will we". "We know that per unit of power new solar and wind power stations now offer electricity at cheaper rates than new coal power stations - no decision made in another capital should undermine our commitment to our nation's future wellbeing". Participating cities and states represent 120 million Americans and contribute $6.2 trillion to the US economy, and include OR and cities like New York, Los Angeles, and Houston as well as smaller cities like Pittsburgh, Pennsylvania and Dubuque, Iowa.
Trump said on Thursday that the landmark 2015 climate agreement threatened millions of jobs and productivity, and that he would start a multi-year process to withdraw from the deal, which has been signed by nearly every other nation on Earth.
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